The governments of the United Kingdom and the United States have officially published a joint statement on the development of stablecoin regulation, agreeing to deepen bilateral cooperation in the digital assets sector. Both parties expressed strong support for the use of stablecoins in cross-border payments and settlements, committing to align their regulatory approaches. The document emphasizes that properly regulated stablecoins can significantly enhance the efficiency of the financial system, modernize market infrastructure, and streamline international payments. Furthermore, London and Washington specifically highlighted the importance of the coexistence of various forms of digital money, noting that the regulatory framework should encompass not only stablecoins but also tokenized deposits and other private digital payment instruments.

A cornerstone of this new approach is the strict requirement for full backing. The statement clearly stipulates that stablecoins positioned as money must be fully backed by highly liquid assets at a minimum ratio of one to one. Both nations have agreed to work jointly on developing harmonized requirements for reserves, liquidity, and supervision. At the same time, regulators intend to avoid creating excessive administrative barriers that could stifle healthy competition and technological innovation within the sector. A distinct and crucial emphasis is placed on protecting everyday stablecoin holders: issuers must guarantee timely redemption of tokens, and reserve assets must be kept strictly segregated from the company's own corporate funds, legally protected in the best interests of the users.

The document also outlines close intergovernmental cooperation on complex cross-border insolvency issues. The UK and the US intend to establish specialized legal mechanisms that will guarantee stablecoin holders priority claims on reserve assets in the event of an issuer's bankruptcy. Additionally, the countries plan to thoroughly develop mutual market access frameworks, which should significantly simplify legitimate operations for stablecoin issuers licensed in one jurisdiction to operate within the other. It is worth recalling that this progressive joint approach contrasts with earlier statements from the Bank for International Settlements, which previously expressed skepticism, arguing that stablecoins do not meet the strict criteria for full-fledged money and pose certain risks to the global financial system.